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March 10, 2023- Price action is currently stuck around the active Fibonacci support level of $177.9
- Falling prices have precipitated Tesla's approach to its lower Bollinger Band® at $175
Having fallen $15.79 in 5 days, Yesterday's session continued the recent downtrend: an influx of sellers pushed the trendy EV maker to end the session lower around $172.92, while establishing a $172.52 to $185.18 session range yesterday.
After hitting an important low of $108.1 approximately 2 months ago, Elon Musk's EV company has bounced back 68.36% since.
Tesla chart analysis: Tesla could begin to recover as it approaches significant support, now $4.36 away from $168.56. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $177.9 currently serving as support. If price action breaks below, the next Fib hurdle is $158.52. Analysis based on the asset volatility indicates that Tesla's lower Bollinger Band® is at $175, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Tesla is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 211,000.
Upcoming fundamentals: as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 517,000. New data is set to be published today at 13:30 UTC.
